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Still no turnaround in sight for banks

Gwyneth Yeo
Gwyneth Yeo10/3/2016 03:25 PM GMT+08  • 2 min read
Still no turnaround in sight for banks
SINGAPORE (Oct 3): The banking system data from August continued to show a depressed economy, as loans growth fell 5.2% from a year ago, despite an increase of 1% over July.
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SINGAPORE (Oct 3): The banking system data from August continued to show a depressed economy, as loans growth fell 5.2% from a year ago, despite an increase of 1% over July.

As such, Maybank Kim Eng remains “negative” on the Singapore banking sector.

Loans have declined for eight consecutive months, the “longest streak of contraction since 2005” says Ng Li Hiang, Maybank Kim Eng’s analyst, in a note on Monday.

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